Global market for AI products may surge to $1.3 trillion by 2027

The global market for artificial intelligence (AI)-related products is ballooning and will hit as much as US$990 billion (S$1.27 trillion) in 2027, as the technology's quick adoption disrupts companies and economies, Bain & Co said.

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The market, including AI-related services and hardware, will grow 40 per cent to 55 per cent annually from US$185 billion in 2023, the consulting firm said in its fifth annual Global Technology Report released on Sept 25. That will lead to revenue of US$780 billion to US$990 billion, Bain said.

The growth will be fuelled by bigger AI systems and larger data centres to train and run them, driven by companies and governments using the technology to boost efficiency.